We recently announced our plans to increase accessibility of PLU and apply for a banking license. If you are yet to read about our proposal, we recommend you read about the Pluton Liquidity Injection Programme (PLIP).
With majority support from the community to action this, we can now reveal the details of the first round of token sales held on our internal PlutusDEX.
Details & Token Bonus
PlutusDEX Sale Dates: October 7–10th
Participants will have 72 hours to submit their pledge. Individuals must pledge the amount of PLU they would like to purchase and submit their payment in either BTC, ETH, GBP or EUR within the designated dates.
Sale Price: $8 (+ 40% bonus in PLU)
The price of PLU for the sale will be struck at $8 which is equal to the 30-day average from 3rd Sep — 2nd Oct based on market price history. Once the sale has closed, the team will then calculate PLU distribution on a pro-rata basis and add a 40% bonus on top of your pledged amount. Participants will be informed about the PLU allocation on October 13th via email.
Cancellation Policy
We have a cancellation policy whereby participants can cancel their order and have their payment returned to them — this will apply for up to five days. Participants have until 18:00 BST October 12th to inform us of this cancellation via email to tokensale@plutus.it if they change their mind.
Price-Floor Guarantee: $8.00
We have also implemented a price-floor guarantee. From today, the selling price of PLU will be locked at $8, meaning you can sell your PLU back at the same price at which it was pledged for during the sale.
The minimum rate lock on the PlutusDEX will last for over 90 days (08/01/2021) as a protective measure for participants. Rates are otherwise dynamic and our peer-to-peer DEX will support conversions between Plutus users at any market rate above this $8 price.
1) If Event is Undersubscribed
If the sale is undersubscribed, participants will receive the full amount pledged plus their bonus of an additional 40% in tokens on top.
2) If Event is Oversubscribed
If the sale is oversubscribed and the total amount pledged by all participants combined surpasses the 50,000 PLU cap, the tokens will be allocated on a pro-rata basis before the 40% bonus is applied. See details on pro-rata calculations in our FAQ section at the bottom of this article.
If participants do not receive their full pledged amount in the event of oversubscription, they will have some remaining balance. They will have three options with the remaining funds:
- Load your Plutus Current Account with the balance and receive a 20% bonus in PLU.
- An opportunity to pledge for more PLU at the same sale price with a 20% bonus applied.
- A refund of the remaining balance returned via the same form of payment we received it in.
Refunds for the remaining balance will be processed within 5 working days.
How to Participate?
Our token sale page is now live! Here you can keep track of all our scheduled token sales over the coming weeks as well as a complete overview of Plutus. On October 7th, individuals can apply here.
If you reside in the UK/EEA and are yet to open an account, you can do so in advance here. An account with us is a necessary part of the pledge process for such residents. Customers can then participate via the Token Sale tab on their account once the sale goes live. Personal accounts will also get a 6-month free Premium account for participating.
Registrations from international participants, as well as business accounts such as crypto hedge funds, must apply on the day (07/10/2020).
Important Notes
Wallet Choice
During the pledge process (starting 7th Oct), you must submit an Ethereum (ERC-20) wallet that you would like to receive your PLU payment to. Please make sure that you submit a personal wallet rather than an exchange wallet or a centralised master wallet as these do not always facilitate PLU. We recommend MetaMask which you hold the private key to as that is fully integrated with the decentralised aspect of our services.
Minimum/Maximum Pledge
There are only 50k tokens available for sale in total. There will also be a minimum pledge of 100 PLU and a maximum pledge of 4,000 PLU for each user.
Lock-up
Your PLU will have a lock-up period of 60-days after the sale ends. The lock-up period is in place until all PLU-related exchange sales are complete. Participants will receive their PLU funds on Monday 14th December.
Price Guarantee at $8
From today onwards, and for over 90 days (08/01/2021), the minimum sell price on the PlutusDEX will be locked at $8 and we have a market maker in place to ensure all swaps can be executed.
PLU-Fiat Swaps
We are increasing the PLU-Fiat swap limits from £100 to £200 per month (including in Euro - €) on our platform from the start of the sale date. We will continually assess and update.
Why Buy PLU?
Pluton was one of the earliest concepts of a decentralised loyalty token released back in 2015. Unlike traditional centralised loyalty tokens like Avios Air Miles or Nectar Points, PLU can be earned anywhere in the world rather than restricted to a specific retail-chain. On top of the 40% bonus for sale participants, PLU carries several utilities:
Convert & Spend
The Plutus Visa debit card is accepted at over 60 million merchants and users earn 3% back in PLU. The decentralised nature of PLU means they can be converted into spendable fiat or transferred between accounts. Crowd sale participants can convert their PLU at the $8 sale price or higher depending on external market forces.
Redeem for Premium Services
One PLU can be redeemed for our Premium services which come with the benefits listed below.
- Zero-fee conversions on the PlutusDEX (at spot rate)
- Generous conversion limits
- Pluton Rewards
- Plutus Perks
Staking Boundaries
Our members can stake their PLU on the platform and unlock features such as increased crypto and cash rewards; free Premium and Pro accounts; as well as additional Perks with household brand partners.
100–500 PLU
- Unlocks Plutus Perks
- Increased Reward Rate
2,000 PLU
- Free Premium Account
- Up to 5% additional cashback on all Perks
4,000 PLU
- Free Pro Account
- Up to 10% additional cashback on all Perks
What is Pluton Rewards?
Every time a Premium/Pro member spends with their Plutus Card, they earn 3% back in crypto.
What is Plutus Perks?
Staking PLU will unlock additional fiat cashback (on top of the 3% Pluton Reward) at selected online retailers. Plutus has formed affiliate partnerships with household-name brands such as Amazon, Sky, Vodafone, Airbnb, Nike, and more to offer you cashback savings on top of your crypto reward. PLU holders can earn over 15% in rewards (cash and crypto) at the above retailers and more.
Upcoming Major Announcements
Trade and Stake
Not only is PLU available to stake for benefits on our internal Plutus platform, PLU will also be available to stake for higher rewards on one of our exchange partners from early next month. We are working with third-party services to create additional utility for PLU.
Co-branding & Awareness
We are working with each partner on various marketing-related campaigns including co-branded cards with one of our exchange partners.
Due to the contractual obligation, the details must be revealed by our partners themselves first. More details and the names of our exchange partners will be announced after the DEX sale has ended.
Launch in Asia & Latin America
In 2021, we will be releasing our services in Asia which holds nearly 40% of the world’s user market share. We will also be expanding to Latin America which will include the addition of new currencies to our platform.
Banking License
We are applying for a banking license which will allow us to develop a wider range of features, increase the efficiency of our systems, and cut costs.
Please visit the token sale page to view our complete road map.
What’s Next?
Staking from Personal Wallet
Our users can currently stake PLU via the Pluton dashboard, however, the next iteration will allow you to stake from your personal wallets including MetaMask and this is due in Q4.
BTC Integration
We are currently alpha testing our BTC implementation on the PlutusDEX. Over the next few months, we are planning to release a Bitcoin-Fiat DEX that is connectable with your personal hardware wallet. Not your crypto, not your keys.
Card Shipping
We have exceeded the demand for our cards and, as a result, many recent card orders have been backlogged which are now queued to be shipped from 4th November. Due to this backlog, card delivery may take slightly longer than usual which is normally between 3–5 days for the UK and 7–10 days for EEA region countries.
Sign Up Now
On October 7th, the sale will go live and you can pledge via the new Token Sale page. We will keep you updated as to the next steps across our social channels. Make sure you follow our Medium Publication and join our Discord or Telegram channels to speak directly with members of the team and other participants.
We will be hosting an AMA, on Reddit, on Monday October 5th (14:00 BST). Join us to ask any questions you may have. The link will be shared here and across social.
If you have yet to sign up to the app, we recommend UK/EU residents do so in advance via the web application here. Stay tuned for plenty more exciting news and updates to come!
TL:DR
PlutusDEX Sale Starts: Wednesday 7th October
PlutusDEX Sale Ends: Saturday 10th October
Refund Policy End: Monday 12th October
PLU Allocation Revealed: Tuesday 13th October
Refunds Paid by: Tuesday 20th October
PLU Received: Monday 14th December
Sale Price: $8.00
Refund Policy: YES
Price-Floor Guarantee: $8.00 (minimum rate set for 90-days)
- The price of PLU has been determined by calculating the 30-day average between 3rd Sep-2nd Oct. PLU will be available for a public sale at this rate with a 40% bonus applied on top.
- Starting today, the minimum price of PLU is locked at $8 on the PlutusDEX, which means PLU can only be swapped at this rate or higher if the external market forces push the price up.
- The price guarantee is in place for 90 days, however, there is a 60-day lock-up of the tokens purchased with the bonus.
- All crowdsale participants will receive a 6-months subscription to our Premium Account which is ordinarily priced at £/€9.99 per month.
Road map and more details can be viewed on the sale page.
FAQ
How Was the PLU Sale Price Calculated?
The 30-day average was taken using data from CoinGecko (time-stamp of 00:00 BST, 3rd Sep-2nd Oct 2020). It is composed of the average of the high and low price during that date range, rounded down. You can find a full breakdown of the maths in this attachment.
Average High: $8.401
Average Low: $7.740
Average Price: $8.033
Rounded: $8
*Bonus is applied after the pro-rata calculation has been made.
How Does the Pro-Rata Calculation Work and How is the Bonus Applied?
The pro-rata calculation is as follows:
Your Pro-Rata Allocation = (Individual Pledged Amount) / (Total Pledged Amount) X 50,000
The Amount You Receive = Your Pro-Rata Allocation X 1.4
Example
James pledges for 500 PLU at $8 each ($4,000)
The total amount pledged by all participants is equal to 60,000 PLU.
James’ pledge accounted for 0.83% of the 60,000 total pledged by all participants.
As there is only 50,000 PLU available, the PLU is distributed proportionally, and James will receive 0.83% of the available 50,000 PLU which is equal to 416.7 PLU
The bonus is applied after the pro-rata calculation has been made. James will therefore receive a whopping 40% bonus on top of this, meaning he will receive a total of 583.4 PLU.
Leftover Funds?
James is then eligible for a refund of $666.66 (83.3 PLU worth) as he pledged for 500 but was allocated 416.7 pre-bonus.
He will be displayed three option via email:
- Option 1: Load his Plutus Current Account with the balance and receive a 20% bonus in PLU.
- Option 2: Re-pledge for more PLU at the same sale price with a 20% bonus applied.
- Option 3: Receive a refund of the remaining balance returned via the same form of payment we received it in.
Payment Methods?
International and non-UK/EEA residents will only be able to pledge for PLU using BTC and ETH, whereas UK/EEA residents will have the additional option of paying in fiat also.
Fiat payments will be taken out of your Current Account balance only so make sure you have this topped up before you pledge.
What is the Refund Policy?
Participants will have until 23:59pm BST on October 12th to cancel their pledged amount. The PLU allocation will then be calculated and announced on October 13th and you will receive your refund within five working days via the same payment method you pledged.
Important Note: The minimum price of PLU will be locked on the PlutusDEX at the sale price for up to 90 days. This means participants will also be able to swap PLU on the PlutusDEX for the same price or higher depending on external market forces. This will be available for 30 days after the token lock-up period has ended.
Why is the Price of PLU Currently Volatile?
The current price volatility is, in part, due to low circulating supply. We have used the last 30-day average of $8.03 and rounded it down to strike the minimum spot price on the PlutusDEX at $8.
What Are the Rules for the Other Sales?
The rules for all other rounds of sales will differ, as will the price at which PLU is sold. All will be announced at a later date in conjunction with our exchange partners.
How does This Sale Benefit the Company?
The sale is for a small fraction of the token’s supply (0.25%). The main goal is to increase accessibility of PLU across both the PlutusDEX and third-party exchanges. These can have indirect effects on sign-ups and revenue.
